May 2021 Webzine - The new challenges of General Meetings - Richard Roger, Head of Issuer Services (SGSS)

At the end of January 2021, AFTI (French Association of Securities Professionals) published a methodological guide for General Meetings. Has Covid disrupted its implementation? How easy is it to encourage issuers and their shareholders to further digitize their exchanges? A second AFTI guide on the Shareholders' Rights Directive was published in July 2020, does it put into question the first guide?

May 2021 Webzine - Consultation on the European Settlement Finality Directive (SFD) - David Poirier, In-house lawyer (SGSS)

The European settlement Finality Directive is currently under review. What is the original purpose of the directive? What is the reason for this review by the European Commission and which entities would be most affected by the revision of the directive?

Community and International news

AllInternational and European news
MIFIR draft amendment about transactions and reporting of reference data
On 30 March 2021, based on the consultation feedback about MIFIR at the end of 2020, ESMA published a final report for...
International and European news
On 30 March 2021, based on the consultation feedback about MIFIR at the end of 2020, ESMA published a final report for the European Commission that contained recommendations and possible legislative amendments to the MiFIR transaction reporting regime.
MIFIR draft amendment about transactions and reporting of reference data
Investment Funds – CSA on UCITS Liquidity Risk Management
On 24 March 2021, ESMA published the results of the 2020 Common Supervisory Action (“CSA”) on UCITS Liquidity Risk...
International and European news
On 24 March 2021, ESMA published the results of the 2020 Common Supervisory Action (“CSA”) on UCITS Liquidity Risk Management (LRM).
Investment Funds – CSA on UCITS Liquidity Risk Management
ESMA final report on taxonomy and NFRD
On 1st March 2021, the European Securities and Markets Authority (ESMA) published its final report on advice under...
International and European news
On 1st March 2021, the European Securities and Markets Authority (ESMA) published its final report on advice under Article 8 of the Taxonomy Regulation, which covers the information to be provided by non-financial undertakings and asset managers to comply with their disclosure obligations under the Non-Financial Reporting Directive (NFRD).
ESMA final report on taxonomy and NFRD
ESA Recommendations on the sustainability-related disclosures
On 25 February 2021, the three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have published a joint...
International and European news
On 25 February 2021, the three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have published a joint supervisory statement on the effective and consistent application and national supervision of the Regulation on sustainability-related disclosures in the financial services sector (SFDR).
ESA Recommendations on the sustainability-related disclosures
Final report and draft RTS on disclosures under SFDR
On 4 February 2021, The European Supervisory Authorities (ESAs) have published their final report and draft Regulatory...
International and European news
On 4 February 2021, The European Supervisory Authorities (ESAs) have published their final report and draft Regulatory Technical Standards (RTS) under the Regulation on sustainability-related disclosures in the financial services sector (SFDR).
Final report and draft RTS on disclosures under SFDR
EMIR - Risk management
On 17 February 2021, the following delegated regulations were published in the OJEU:
International and European news
On 17 February 2021, the following delegated regulations were published in the OJEU:
EMIR - Risk management
EP publishes draft report on a pilot regime based on distributed ledger technology
On 11 March 2021, the European Parliament published a draft report on the proposal for a regulation of the European...
International and European news
On 11 March 2021, the European Parliament published a draft report on the proposal for a regulation of the European Parliament and of the Council on a pilot regime for market infrastructures based on distributed ledger technology.
EP publishes draft report on a pilot regime based on distributed ledger technology
MIFID II product governance rules
On 1 February 2021, the European Securities and Markets Authority (ESMA) has announced that it is launching a common...
International and European news
On 1 February 2021, the European Securities and Markets Authority (ESMA) has announced that it is launching a common supervisory action (CSA) with national competent authorities (NCAs) on the application of MiFID II product governance rules across the European Union (EU).
MIFID II product governance rules
ESMA final report on cross-border distribution of funds
On 1 February 2021, the European Securities and Markets Authority (ESMA) published a final report on implementing...
International and European news
On 1 February 2021, the European Securities and Markets Authority (ESMA) published a final report on implementing technical standards (ITS) under the Regulation on cross-border distribution of funds.
ESMA final report on cross-border distribution of funds
EBA opinion on key money laundering and terrorist financing risks
On 3 March 2021, the European Banking Authority (EBA) published its biennial Opinion on risks of money laundering and...
International and European news
On 3 March 2021, the European Banking Authority (EBA) published its biennial Opinion on risks of money laundering and terrorist financing (ML/TF) affecting the European Union's financial sector.
EBA opinion on key money laundering and terrorist financing risks
Final draft technical standards on the prudential treatment of investment firms
On 16 December 2020, the European Banking Authority (EBA) published a package of seven final draft Regulatory Technical...
International and European news
On 16 December 2020, the European Banking Authority (EBA) published a package of seven final draft Regulatory Technical Standards (RTS) on the prudential treatment of investment firms.
Final draft technical standards on the prudential treatment of investment firms

National news

AllNational news
FR - Tightening the AML/CFT framework applicable to digital assets
The Order of 9 December 2020 seeks to bring the French regulatory framework for digital assets into compliance with the...
National news
The Order of 9 December 2020 seeks to bring the French regulatory framework for digital assets into compliance with the FATF's recommendations on anti-money laundering and combatting financing of terrorism (AML/CFT).
FR - Tightening the AML/CFT framework applicable to digital assets
FR - Publication of the ASAP Act
On 8 December 2020, law 2020-1525 on the acceleration and simplification of public action, equally known as the ASAP...
National news
On 8 December 2020, law 2020-1525 on the acceleration and simplification of public action, equally known as the ASAP Act, was enacted.
FR - Publication of the ASAP Act
LU - New law on dematerialized securities in Luxembourg
On 22 January 2021, Luxembourg published law of 22 January 2021 on dematerialized securities. This law modifies both the...
National news
On 22 January 2021, Luxembourg published law of 22 January 2021 on dematerialized securities. This law modifies both the law of 5 April 1993 on the financial sector, as amended and the law of 6 April 2013 on dematerialized securities.
LU - New law on dematerialized securities in Luxembourg
IT - New requirements about financial intermediaries in Italy
On 11 March 2021, CONSOB issued a publication amending the regulation containing the implementing rules of the...
National news
On 11 March 2021, CONSOB issued a publication amending the regulation containing the implementing rules of the legislative decree 24 February 1998, no. 58, on the knowledge and competence requirements of the personnel of financial intermediaries.
IT - New requirements about financial intermediaries in Italy
DE - Draft law to strengthen investor protection in Germany
On 10 February 2021, the Bundesfinanzministerium adopted a draft law to further strengthen investor protection. In...
National news
On 10 February 2021, the Bundesfinanzministerium adopted a draft law to further strengthen investor protection. In particular, the draft law includes the following rules:
DE - Draft law to strengthen investor protection in Germany
IR - Central Bank Issues Final Share Class Guidance for closed-ended QIAIFs
On 2 February 2021, the Central Bank issued its final guidance permitting differentiated share classes in certain...
National news
On 2 February 2021, the Central Bank issued its final guidance permitting differentiated share classes in certain closed-ended Qualifying Investor Alternative Investment Funds (QIAIFs).
IR - Central Bank Issues Final Share Class Guidance for closed-ended QIAIFs
GB - Home stretch of the roadmap for the LIBOR transition
On 11 January 2021, the Bank of England and the Financial Conduct Authority published the updated of the Working Group...
National news
On 11 January 2021, the Bank of England and the Financial Conduct Authority published the updated of the Working Group on Sterling Risk-Free Reference Rates' priorities and roadmap for the final year of transition to help businesses to finish planning the steps they will need to take in the coming months. The top priority of the Working Group is for markets...
GB - Home stretch of the roadmap for the LIBOR transition
US - Creation by SEC of a Climate and ESG Task Force
On 4 March 2021, the U.S. Securities and Exchange Commission (SEC) announced the creation of a Climate and ESG Task...
National news
On 4 March 2021, the U.S. Securities and Exchange Commission (SEC) announced the creation of a Climate and ESG Task Force in the Division of Enforcement.
US - Creation by SEC of a Climate and ESG Task Force